The United Nations has adopted its first ever treaty aimed at controlling the trade in conventional weapons, voting it through by a large majority despite earlier being blocked by three countries.

Member states represented in the UN general assembly voted by 154 to three, with 23 abstentions, to control a trade worth an estimated £46bn a year. The landmark deal went to a vote after Syria, Iran and North Korea – all at odds with the US – blocked its adoption by consensus.

Russia, the world's second-biggest exporter, was among those that abstained from the vote at the UN headquarters in New York. China also abstained. Loud cheering erupted in the chamber when the votes were counted.

Many countries already regulate their own arms exports and there are international treaties governing nuclear as well as chemical and biological weapons. But this is the first legally binding international treaty regulating the trade in conventional weapons. It says explicitly, however, that states recognise "the legitimate political, security, economic and commercial interests … in the international trade in conventional arms".

Amnesty International and the International Red Cross praised the agreement for advancing humanitarian concerns. But others expressed reservations. "The treaty will not stop any of the arms exports of the world's largest arms-producing countries or arms companies," warned the UK-based Campaign Against the Arms Trade (CAAT). "Countries such as the UK, the US, France and Russia will be able to continue selling to repressive regimes unhindered."

The treaty prohibits states from exporting conventional weapons in violation of arms embargoes – such as the current EU embargo in force against Syria – or weapons to be used for acts of genocide, crimes against humanity, war crimes or terrorism. It also requires states to prevent conventional weapons reaching the black market.

Australia's UN ambassador, Peter Woolcott, who chaired the final negotiations, said the treaty will "make an important difference by reducing human suffering and saving lives". He added: "We owe it to those millions often the most vulnerable in society whose lives have been overshadowed by the irresponsible and illicit international trade in arms."

The treaty will not control the domestic use of weapons but requires countries that ratify it to establish national regulations to control the transfer of conventional arms, parts and components and to regulate arms brokers. It covers battle tanks, armoured combat vehicles, large-calibre artillery systems, combat aircraft, attack helicopters, warships, missiles and missile launchers, as well as small arms and light weapons.

Diplomats said that a phrase stating that this list was "at a minimum" was dropped at the insistence of the US, triggering complaints that this limited the treaty's scope. Ammunition had been a key issue in negotiations, with some countries pressing for the same controls on ammunition sales as arms, but the US and others opposed such tough restrictions.

The treaty prohibits states that ratify it from transferring conventional weapons if they violate arms embargoes or if they promote acts of genocide, crimes against humanity or war crimes. It also prohibits the export of conventional arms if they could be used against civilians or civilian buildings such as schools and hospitals.

It is expected to come into force after the first 50 ratifications next year.

Britain's foreign secretary, William Hague, called it "an historic day and a major achievement for the UN". He described attempts to block the agreement by Iran, Syria and North Korea as cynical, adding: "This treaty will save lives and make the world a safer place. It will require governments to block transfers of weapons that pose unacceptable risks and to take strong steps to prevent weapons being diverted into the illegal market. Authorisations of exports will be reported and arms brokering regulated. At the same time, the legitimate trade in arms, vital for national defence and security, will be upheld."

Ann Feltham, CAAT's parliamentary co-ordinator, said: "This treaty legitimises the arms trade. If governments are serious about ending the trade in weaponry, with its dire consequences for peace and human rights, they should immediately stop promoting arms exports."

Amnesty International, however, hailed the deal, noting that it had been opposed in the US by the powerful National Rifle Association: "The voices of reason triumphed over sceptics, treaty opponents and dealers in death to establish a revolutionary treaty that constitutes a major step toward keeping assault rifles, rocket-propelled grenades and other weapons out of the hands of despots and warlords who use them to kill and maim civilians, recruit child soldiers and commit other serious abuses," its US office said.

• This article was amended on 3 April 2013. The original gave the acronym for the UK-based Campaign Against the Arms Trade as CATT rather than CAAT. This has been corrected.